18th April 2017, Florida-The global medical imaging market size worth USD 43.3 billion by 2024. The market is growing at a CAGR of 6.7% over the period of 2017 to 2024, according to a new research study published by Ameri Research. The rising demand for advanced diagnostics, growing prevalence of chronic diseases and technological advancements are some of the key factors driving the market growth.

The medical imaging market is witnessing a steady growth in the U.S., Canada, UK and other developed nations. The introduction of technologically advanced products, thepresence of a large number of screening and diagnostic centers, and thepresence of large patient pool are expected to boost the medical imaging market over the forecast period further.

Some of the major applications areas for medical imaging include oncology, orthopedics, gynecology, neurology, cardiology and general imaging. The growing prevalence of various types of cancer is significantly boosting the demand for X-Ray, CT and MRI imaging. For instance, in the U.S., as per the National Cancer Institute data, an estimated 1,685,210 new cancer cases were diagnosed, and this number is projected to grow rapidly over the forecast period.

The increase in per-capita disposable incomes, changes in lifestyle factors such as growing consumption of alcohol, substance abuse, smoking, and physical inactivity are driving the number of obese patients with multiple co-morbidity. As per the U.S. CDC estimates in 2015, nearly 36 million adults were reported to smoke and over 16 million citizens live with a smoking-related health issue.

Furthermore, based on the 2013 NHS report, it is observed that the total number of medical diagnostic tests was 41.1 million with an increase 0.9 million from the previous year. X-rays were the most widely used test and it accounted for over 22.6 million or 54.6%, followed by ultrasound with 9.3 million procedures and CT scans with 4.7 million examinations. Moreover, with the increase in the prevalence of cardiovascular diseases, cancers, and rise in orthopedic & gynecology procedures, the demand for medical imaging products is expected to rise significantly over the forecast period.

X-ray devices accounted for 31% share in 2016, and this segment is expected to extend its dominance over the forecast period. Rise in demand for general imaging, orthopedic and gynecology are key factors boosting the usage rates.

Nuclear imaging is expected to lead the market growth with the maximum CAGR of over 7.5% over the forecast period

In 2016, hospitals accounted for the majority share of over 40%. However, their dominance is being challenged by the chain operated and standalone diagnostic imaging centers

North America was the largest region with a revenue share of over 31% in 2016. Asia Pacific is anticipated to emerge as the fastest growing region with a CAGR of over 7.5% through the forecast period.